The cryptocurrency market, led by Bitcoin, is preparing to close the year on a positive note with rising expectations for 2024. Asset management firm Bitwise has published its cryptocurrency predictions for the year 2024.
According to Bitwise’s predictions, Bitcoin is expected to surpass its current record level of approximately $69,000 and reach the $80,000 mark by 2024. Recent data shows that BTC has increased by 4.94% in the last 24 hours, trading at $42,943, which according to Bitwise’s prediction, would mean at least an 87% increase.
It is known that spot Bitcoin ETFs are awaiting approval from the US Securities and Exchange Commission (SEC) between January 5-10, 2024, and are expected to be launched in the market in 2024. This will be the first time that spot Bitcoin ETFs are introduced to the US market.
Bitwise’s 2024 predictions also include intriguing forecasts regarding Ethereum (ETH). The firm anticipates that the average transaction fees on the largest smart contract platform will drop below $0.01 next year, and the revenue of the Ethereum network will more than double, reaching $5 billion.
Furthermore, Bitwise predicts that in 2024, global banking giant JP Morgan will tokenize at least one of its funds, and one-fourth of financial advisors will allocate cryptocurrency to client accounts. It also forecasts that artificial intelligence assistants will use cryptocurrency for online payments.